Welcome to our dedicated page for OneConnect Financial Technology Co., Ltd. American Depositary Shares, each representing thirty (30) Ordinary Shares news (Ticker: OCFT), a resource for investors and traders seeking the latest updates and insights on OneConnect Financial Technology Co., Ltd. American Depositary Shares, each representing thirty (30) Ordinary Shares stock.
OneConnect Financial Technology Co., Ltd. (symbol: OCFT) is a leading fintech SaaS provider based in Shenzhen, China, delivering advanced technology-enabled business solutions to financial institutions. The company's innovative technology platform integrates world-class technologies such as AI, blockchain, cloud computing, and biometric identification, to serve an extensive range of financial services including digital banking, digital insurance, digital investment solutions, and SaaS cloud platforms.
OneConnect’s impressive portfolio comprises 101 products that cover various aspects of financial services from sales, product development, and risk management, to operations and technology. This comprehensive approach ensures the company addresses the needs of small and medium-sized financial institutions, helping them achieve digital transformation, improve efficiency, enhance service quality, and mitigate risks.
The company boasts one of the world's best technology development teams, achieving notable milestones in the field of AI with 99.8% recognition accuracy in facial recognition and over 99% accuracy in voiceprint recognition. Their continued efforts in technological innovation have been recognized globally, including being named one of the “IDC China FinTech Top 50” for four consecutive years and securing spots on the “Global Top 100 FinTech Companies” and “China FinTech Enterprise Excellence Award.”
Despite facing challenges like headwinds in revenue and changing market conditions, OneConnect has actively implemented strategic measures to optimize cost structures and improve operational efficiency. Notably, the company's third-quarter financial results for 2023 showed significant improvement in their non-IFRS gross margin, which increased from 38.4% to 39.4%. Furthermore, their net loss ratio to shareholders improved from -12.4% to -10.8%, reflecting their robust strategy towards achieving profitability.
In addition to its strong financial performance, OneConnect has also expanded its services internationally. In 2023, revenue from overseas customers increased by 37.2%, testament to the global demand for their technological solutions. This international expansion is expected to continue driving the company’s growth, further solidifying their position as a global leader in fintech solutions.
Moreover, OneConnect has successfully completed strategic transactions such as the sale of its virtual bank business to Lufax Holding Ltd for HK$933 million, highlighting its dynamic approach to business optimization and capital allocation.
As of the first quarter of 2024, the company has continued to focus on core business areas while expanding its overseas presence. Revenue from third-party overseas customers recorded a 14.8% increase year-over-year, underpinning the company's strategy of targeting high-value products and efficient cost management.
Looking ahead, OneConnect remains committed to advancing its technological capabilities and enhancing its product offerings to meet the evolving needs of financial institutions worldwide. With ongoing investments in research and development, the company aims to continue driving digital transformation across the financial services industry, ensuring sustainable growth and value creation for its shareholders.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) was recognized as one of the World's Top Ten Fintech Companies in 2021 for Patent Quality, as announced by 01Caijing Research Institute. The company has filed 5,229 patent applications globally, with 3,929 in China, focusing on sectors like artificial intelligence and blockchain. OneConnect's advancements include an intelligent calling system that can handle over half a million calls monthly. The firm aims to enhance its R&D capabilities and quality of services while expanding its presence in international markets.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced it will not proceed with acquiring a majority stake in Shenzhen Vzoom Credit Technology Co., Ltd. due to the expiration of their Memorandum of Understanding. The decision follows a thorough analysis of circumstances surrounding the potential acquisition, initially disclosed on August 25, 2021. OneConnect focuses on providing technology-as-a-service solutions to financial institutions in China.
OneConnect Financial Technology Co. Ltd. (NYSE: OCFT) has launched Gamma Core, an advanced core banking system designed to support financial institutions in their digital transformation journeys. The innovative system emphasizes a customer-centric approach, enabling banks to tailor services for diverse client groups while reducing operating costs to RMB 1 per account. By leveraging intelligent technologies, Gamma Core minimizes human intervention in transactions to only 1 percent. The digital transformation market for Chinese financial institutions is projected to exceed RMB 400 billion by 2024, positioning OneConnect as a leader in FinTech.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) reported a 20.8% year-over-year revenue growth, reaching RMB 1,065 million for Q3 2021. Despite the growth, the gross margin declined to 35.5% from 42.7% in the prior year. The net loss attributable to shareholders increased to RMB 270 million, compared to RMB 243 million a year earlier, with a basic net loss per share of RMB 0.24. The company saw significant growth in its cloud services, now accounting for 28.5% of total revenue.
OneConnect Financial Technology Co. Ltd. (NYSE: OCFT) will hold its annual general meeting on December 20, 2021, at Ping An Financial Center in Shenzhen, China. No proposals will be presented for shareholder approval; the meeting will instead serve as an open forum for discussions regarding the Company's affairs.
The record date for shareholders entitled to attend is November 19, 2021. Shareholders can access the notice of the meeting and the Company’s annual report on their website and the SEC’s site.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced the completion of an internal investigation by its audit committee, which found no evidence supporting allegations made in an anonymous complaint from August 2021. The investigation, initiated shortly after the allegations were disclosed, confirmed the integrity of the Company’s operations. Chairman Wangchun Ye emphasized the Company's commitment to corporate governance and transparency. OneConnect continues to provide a technology-as-a-service platform to financial institutions, supporting their digital transformation efforts.
BAI has announced the finalists for the 11th Annual 2021 BAI Global Innovation Awards, recognizing groundbreaking solutions in the financial services industry. Categories include Innovation in Compliance and Risk Management, Consumer Product and Services, and Digital Transformation, with notable finalists like OneConnect Smart Technology Co., LTD from China featuring their Global Markets Digital Lab. Winners will be revealed in December 2021.
Jessica Tan, co-CEO of Ping An Group, emphasized at Hong Kong FinTech Week the essential role of an integrated financial platform in developing the Greater Bay Area (GBA). OneConnect (NYSE: OCFT) is committed to enhancing GBA's digital economy with technology solutions. Tan highlighted three key challenges: governance, SME support, and talent development. OneConnect's initiatives include the first virtual bank in Hong Kong and a blockchain platform for trade facilitation. Overall, collaborative efforts are crucial for harnessing opportunities in the GBA.
OneConnect Financial Technology announced a partnership with Indonesia's Bank Mayapada to enhance digital banking services. This collaboration aims to improve the customer onboarding process using eKYC and AI technologies, which will help reduce costs and increase efficiency. The partnership addresses the significant unbanked population in Indonesia, as 51% lack access to formal financial services. The initiative is expected to drive financial inclusion while ensuring compliance with local regulations.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT), a leading tech-as-a-service platform for financial institutions in China, will announce its third-quarter 2021 financial results after U.S. markets close on November 18, 2021. A conference call will follow at 8:00 PM ET. Interested parties can register online for access to the call. OneConnect aims to enhance its digital offerings and has served over 100 customers in 20 countries, showcasing its technology capabilities in AI, Big Data, Blockchain, and Financial Cloud.
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